Poly Medicure Ltd., India’s leading medical device company with a dominant position in medical consumables market, announced signing of definitive agreements to acquire 90% stake in PendraCare Group consisting of PendraCare Holdings and Wellinq Medical from Wellinq Holdings B.V. at an enterprise value of € 18.3 million. The balance 10% stake to be acquired in 2030 basis actual

PendraCare Group develops, manufactures and sells innovative cardiology catheter solutions and provides design, development and manufacturing services to other global OEM’s. This “bolt-on” acquisition provides Polymed with an opportunity to scale its cardiology business globally with immediate access to world’s most regulated markets of Europe and the US.

Commenting on the acquisition, Himanshu Baid, Managing Director, Poly Medicure Limited stated: “We are thrilled to announce the acquisition of Pendracare group, a unique Interventional Cardiology consumable business in Europe. This move brings us a valuable, ‘made-in-Europe’ cardiology consumables business with FDA and CE-marked products and long-term relationships with global OEMs. By combining Pendracare Group’s European presence and customer relationships with Polymed’s strong engineering, R&D, manufacturing and distribution capabilities, we believe we will deliver significant synergies for the combined business. Most importantly, it deepens our presence in Europe – a key market for Polymed. This acquisition helps in furthering our vision of “Serving people through innovative healthcare solutions”.

Commenting on the acquisition, Floris Alkemade (Founder) and Sander Hartman (CEO) stated: “We have great confidence in Polymed Group as the right partner for the future of PendraCare. We sincerely thank our teams for their dedication and achievements, which have laid a strong foundation for this next step. We look forward being part of Polymed Group and together we will continue to focus on developing and delivering the highest-quality medical devices, ensuring lasting benefits for users and patients worldwide.